The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement VIDEO PHONES, INCORPORATED Balance Sheetn December 31 2024 Absets Current assetai CashAccountsreceivableInventoryPropaidrentfreter5254,60092,000105,00014,4005227,80070,000145,0007,200 tong-term assets: Investments Land Zquipenent Accumulated depreciation Total assets Liabilities and stockholders Equity Current liablittes: Additional Information for 2024: 1. Purchased investment in bonds for $115,000. 2. Sold land for $31,000. The land originally was purchased for $40,000, resulting in a $9,000 loss being recorded at the time of the sale. 3. Purchased $70,000 in equipment by issuing a $70,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31,2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities